There’s a lot required to make a business operate successfully. Many small business owners face the challenge of trying to wear many “hats” in order to accomplish the varied needs of the business. However, trying to “do it all” is not a good approach. Rather, the idea of leveraging strengths, as taught to individuals, applies well to business. So, consider focusing and leveraging your skills and energies on the things that are critical to the mission of the business, and…
Payroll. It’s one of the most critical aspects of a business. For any business, payroll requires a lot of time and attention. For a small business, payroll processing can be a complicated responsibility, fraught with possible problems. Payroll is certainly critical to employee morale and to employees’ trust in the future of a company. And it is a key factor in motivating and retaining high-quality talent. To get payroll done right, many businesses choose a payroll outsource solution. …
Advertising is a key communications component of marketing. Marketing and advertising activities have been around for thousands of years. For example, ancient Greek traders hired “criers” to promote their products (like today’s sign shakers, perhaps.) Today, we consider advertising to be the various means of promoting a company’s products, services and image through television, radio, direct mail, email and digital messaging. Marketing, the broader term, includes additional means of generating consumer interest and persuading people to buy, including such efforts…
Thinking of delaying your business tax planning? Here are two words of advice: don’t delay! Good tax planning should take place all year long to ensure accurate and effective tax preparation, a more pleasant and stress-free experience and a more positive financial outcome. Why is it Important to Keep Good Records? Financial record keeping is vital to the health and progress of every business. It allows a business owner to: Monitor the health and progress of a business. It…
There’s probably no topic under the sun that hasn’t provoked more joking comments than “taxes,” including this one by former radio and TV entertainer Arthur Godfrey: “I am proud to be paying taxes in the United States. The only thing is I could be just as proud for half of the money.” With the passage of the 2017 Tax Cuts and Jobs Act (TCJA), many changes were made to the tax code including changes to business meals expenses. So, if…
Being self-employed can be fulfilling and inspiring because you are working hard to build your dreams. As author Oliver Markus Malloy said humorously, “Being self-employed means you work 12 hours a day for yourself so you don’t have to work 8 hours a day for someone else.” However, the fruits of your labors don’t come tax-free. Self-employed taxes need to be considered and treated carefully so they don’t interfere with the pursuit of your dreams. What Does it Mean…
Let’s talk about financial ratios, (and no, this isn’t a dreaded math lesson where you crawl into a corner and hide). The key here is data—data that will help you run your business more effectively, guiding your planning and measuring what is working. The use of data takes effort, but it is worth it as Arthur C. Nielsen, market researcher and founder of the AC Nielsen company said, “The price of light is less than the cost of darkness.” And…
The term cash conversion cycle describes how long it takes a business (in number of days) to convert its inventory and other resources into cash flow resulting from sales. Although some organizations also refer to it as the cash cycle or net operating cycle, all mean the same thing. The purpose of a cash conversion cycle is to determine the length of time each dollar invested in production remains tied up to cover production costs before the inventory returns a…
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